Pay the IRS in Full - This is the most obvious answer to your IRS problem. However, if you had access to the funds to pay the IRS in full, you would not have a levy and you most likely would not be here now. So, let's move on.
Agree to an IRS Installment Agreement - You can stop IRS tax levy and be released by entering into a payment plan. Anyone can call the IRS and agree to a payment plan, but an experienced IRS tax attorney can file an appeal to stop a tax levy. Flat Fee Tax Service provides a flat rate tax service to stop IRS tax levy and assist you in finding the right tax debt relief program.
Like many Americans, you may be struggling to keep up with paying off all the tax debt that you owe the IRS. Unfortunately, the more money you owe and the longer your taxes are outstanding, the more trouble you could be in.
Luckily, there are channels you can go through in an effort to gain some level of IRS tax relief.
The IRS recently announced an expansion to their Fresh Start initiative to help taxpayers who owe taxes. They are taking steps to offer new tax relief to those who are unemployed, and are making installment agreements more widely available to more Americans.
Set up a payment plan. You might be able to take advantage of an instalment plan if the IRS allows it. Many lenders are willing to work with consumers who owe taxes because it helps them recover their funds faster, and it helps consumers save money because collections efforts are ceased.
Tax settlement. This means that you make a one time, lump sum payment to the IRS for a portion of the taxes that are outstanding. The IRS allows this because it gives them a chance to completely halt collections actions against you. It’s a win-win situation: they get their money back, and you save money by not having to pay the total amount.
Consider a tax compromise. Similar to a settlement, a tax compromise is a one-time payment made to the IRS than the entire amount owed. The IRS determines your ability to pay your debt, which means they look at all the capital you have pay them right away.
Consider tax abatement. This program is basically tax forgiveness where you’ll have the chance to lower your entire liability or boost your deductions. This is only available to those who are in a compromised situation as a result of some external reason.
If you’re struggling with outstanding taxes that you just can’t seem to pay off, contact the professionals at Flat Fee Tax Service today to see how we can help.
Flat Fee Tax Services provides the resources you need to stop an IRS tax levy. Find out the different IRS tax relief options available to you. Your options include paying the IRS in full, an IRS installment agreement, or taking advantage of the Offer in Compromise Program. Usually, people can't afford to pay the IRS in full, so we find the right IRS tax relief services to match your situation.
There are few things in life more stressful than owing money to the IRS — especially when it’s money you can’t afford to pay, and the IRS is threatening to place a levy against your property to recover the debt. If you don’t make arrangements to pay the IRS the money you owe, the IRS could seize your home, car, boat, or business. The IRS can also seize your wages, retirement accounts, bank accounts, or other property.
You don’t have to sit back and helplessly watch as the IRS seizes your property and assets. With our help, you can negotiate an IRS installment agreement or take advantage of the Offer in Compromise program to pay off your debt to the IRS — without putting your property, wages, savings, or other sources of income at risk.
The IRS understands that not all taxpayers have the means at their disposal to immediately pay off tax debt in full. That’s why any taxpayer can contact the IRS and work out an installment plan to pay off any tax debt. But before you contact the IRS about an installment plan for settling your tax debt, you should talk with the experienced tax professionals at Flat Fee Tax Service. We can help you make sure you pay only what you owe, and not a penny more.
Take Advantage of the Offer in Compromise Program - The IRS has expanded the eligibility and qualification standards for their new Fresh Start initiative. The Fresh Start program has raised the dollar amount of tax debt taxpayers must have before the IRS can file a Notice of Federal Tax Lien. It has also made it easier for taxpayers to access installment agreements. Under the Offer in Compromise program, many taxpayers may be able to settle for less than what they owe. You, the struggling taxpayer, may be able to take advantage of the new Fresh Start initiative. When you file for an Offer in Compromise, the IRS will stop enforcement actions while your settlement offer is being reviewed.
Do you Find dealing with the IRS frustrating, Intimidating and time consuming. You’re not alone. While taxpayers may always represent themselves in front of the IRS, many turn to a experienced professional income tax professional for help (specialized IRS Tax Attorney, C.P.A.'s, and Certified Tax Resolution Specialists a/k/a Enrolled Agents) in order to maximize their chances of receiving a tax settlement while minimizing the taxpayers contact with the IRS agents. Owing the Internal Revenue Service (IRS) money is intimidating to most people. The IRS has the power to garnish your wages, seize your assets (paycheck, bank accounts) and place a Federal income tax lien on your property in order to obtain the money that you owe them. However, these enforcement actions can be prevented by communicating promptly with the IRS about your situation. The IRS is usually willing to work with a taxpayer's designated income tax resolution specialist, and there are several options available so that you may resolve your income tax debt issues.
As a creditor, the IRS carries the weight of the federal government behind it. The IRS is the the most powerful collection agency in the world. In addition to having extensive methods to collect on outstanding income tax debt, the IRS also can be extremely patient. As long as the IRS knows it is going to get paid someday, it can wait until you are in a better financial position to pay. The longer you take to pay your tax debt, the more you will owe.
An IRS Installment Agreement is a negotiated monthly payment plan. Anyone can agree to an IRS Installment Agreement payment plan dictated by the IRS. There are many rules and regulations regarding IRS payment plans. Consult with an experienced IRS Tax Attorney before contemplating an IRS Installment Agreement.
A fairly new debt management program is a Partial Payment IRS Installment Agreement where you have a long term payment plan to pay off the tax debt at a reduced dollar amount. Much like a monthly credit card payment, IRS payment plans allow you to pay off your unpaid back income taxes in installments instead of all at once. An experienced IRS Tax Attorney or Certified Tax Resolution Specialist will negotiate the lowest possible monthly payment for your needs.
The Offer in Compromise is a program where you can get an IRS settlement for less than what you owe. The Offer in Compromise requires making a lump sum or short term payment plan to pay off the IRS at a reduced dollar amount. If you owe the IRS more than you can afford to pay, this is the plan for you. Essentially, an Offer in Compromise gives you the opportunity for a Fresh Start and to pay a small amount as a full and final payment. If you qualify and are eligible for the Offer in Compromise program, you can save thousands and thousands of dollars in taxes, penalties and interest.
A program where the IRS voluntarily agrees not to collect on the tax debt for a year or so. Currently Not Collectible means that a taxpayer has no ability to pay his or her tax debts. The IRS can declare a taxpayer “currently not collectible,” after the IRS receives evidence that a taxpayer has no ability to pay. This is a useful tool because you can file for a collection appeal to stop an IRS levy, lien, seizure or the denial or termination of an installment agreement. The collection appeal gives you the opportunity to explain how you think the situation could be solved without the IRS levy or seizure.
Important Note: If you owe $10,000 or more and are Currently not Collectible, you should look at filing for an Offer in Compromise.
When you owe Uncle Sam money, the IRS can levy your wages, salary, or federal payments (Veteran's pension, Social Security, Social Security Disability / SSDI) until the levy is released, your tax debt has been fully paid off, or the time expires for legally collecting the tax (Statute of Limitations). Our Emergency IRS Tax Levy Release Team at Flat Fee Tax Service, Inc. can have your IRS wage garnishment stopped, removed, lifted and released in one (1) day.
The IRS can issue a bank levy to take your cash in savings and checking accounts to collect back taxes. During an IRS tax levy the IRS seizes a bank account. The bank is required to remove whatever amount is available in your account that day (up to the amount of the IRS levy ) and send it to the IRS in 21 days (includes Saturday, Sundays and holidays) unless notified otherwise by the IRS. Part of the process of resolving your IRS debt is obtain a release of the levy from the IRS. Have the IRS bank levy seizure stopped by our Emergency IRS Levy Release Team. You don't have any time to lose.
The IRS has 10 years from the date of assessment (usually close to the filing date) to collect all taxes, penalties and interest from you. Each year that you owe the IRS for income tax debt has it's own date of expiration. An expert IRS tax attorney can help resolve your back income taxes and IRS problems by just by advising and planning with you to wait out the 10 year expiration date. It is possible to play a "cat and mouse" game and eliminate your income tax debt.
DO NOT TRY TO SETTLE WITH THE IRS ON YOUR OWN
This is a useful tool for an experienced IRS Tax Attorney because they can file for a collection appeal to stop an IRS levy, lien, seizure or the denial or termination of an installment agreement. The collection appeal gives you, the financially struggling taxpayer, the opportunity to explain how you think the situation could be solved without the IRS levy or seizure.
A tax levy is the legal taking of your property in order to satisfy a tax debt. If you don’t pay your taxes or satisfy your debt in a timely manner, you could be in a position where the IRS will take and sell your real and personal property.
Fortunately there are ways to deal with a sticky situation like this.
Pay it in full. Obviously one of the first things you should do (if possible) is pay the IRS in full. If you don’t have the money to make this payment, you might want to consider taking out a loan to satisfy this debt.
Consider an installation agreement. One of the most popular ways to stop IRS levy is through an instalment agreement in which you’re allowed to pay off the taxes over a certain time period up to three years in monthly instalments. After you enter into an agreement like this, the IRS will consider you to be in good standing.
Consider an “offer in compromise” agreement. With this method, you can settle your tax debt for less that the entire amount. This option is only available if you meet a stringent set of criteria.
Consider an “innocent spouse relief” agreement. This is a very rare, but is still a possibility. This will only apply to very few people. When a joint tax return is filed, each spouse is just as liable as the other for all taxes outstanding. Innocent spouse relief can place all tax liability on one party, or separate what each spouse owes.
Work with a tax service to remove the levy. There are services available that help consumers eliminate the tax debt from their records, and thereby stop the IRS from sending collections after you.
If you’re in a position where the IRS is coming after you aggressively to collect on overdue taxes, there’s help out there. Flat Fee Tax Service always has our clients’ best interest in mind, and we are committed to resolving your income tax issues. Get in touch with Flat Fee Tax Service today to discover how we can stop your IRS tax levy.
You won’t know what you qualify for until you speak with a qualified tax relief professional. There may be many factors at play that can help reduce your tax debt and protect your property.
It’s vital that you contact Flat Fee Tax Service as soon as you find out you owe money to the IRS. The sooner you start settlement arrangements, the sooner you can prevent an IRS tax levy and get back to your normal life.
Contact Flat Fee Tax Service for IRS tax relief service that is affordable.